Bitcoin price analysis has taken a bearish turn, with market analysts pointing toward a potential deeper correction in the medium term. XForceGlobal, a prominent cryptocurrency analysis platform, has shared insights on Bitcoin’s price trajectory, citing Elliott Wave theory to project the next movement of the crypto.
Wave Analysis Predicts Bitcoin’s Corrective Phase
XForceGlobal’s analysis suggests Bitcoin is currently undergoing a corrective wave (iv) as part of an Elliott Wave pattern. This wave consists of sub-waves A-B-C, with the final wave C expected to mark the termination of this phase.
https://twitter.com/XForceGlobal/status/1874003087909880297
The primary support level for wave C is identified at $85,000, corresponding to a 1:1 ratio of wave A. However, the analysis also projects an extended support level at $77,000, representing a 161.8% Fibonacci extension of wave A. These levels signify potential zones for Bitcoin’s price to consolidate before resuming its upward trajectory.
The analysis also notes resistance around $102,500, which Bitcoin might revisit before continuing its bearish correction. Fibonacci retracement levels further emphasize key pullback zones that align with the ongoing wave structure.
Scenarios for Bitcoin’s Price Pathway
The chart shared by XForceGlobal outlines two scenarios for the completion of wave C. The first scenario involves a sharp and swift decline toward the $85,000–$77,000 range. This aligns with the characteristic behavior of corrective waves, which often see rapid movements.
The second scenario depicts a gradual descent in a diagonal structure, where the price moves incrementally toward the same support levels. Both scenarios suggest that Bitcoin’s corrective phase may reach its final stage soon.
Read also: Why Is Lido DAO’s Price Rising? Here’s Why LDO Could Hit $4 Soon
Bullish Projections After Wave (iv) Completion
Despite the current bearish outlook, the analysis remains optimistic about Bitcoin’s long-term potential.
After wave (iv) concludes, Bitcoin is expected to enter wave (v), signaling a bullish phase. Projected targets for wave (v) range from $110,500 to $132,500, highlighting the possibility of new all-time highs.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Bitcoin Price Could Dip Further, Warns Expert – Here’s Why appeared first on CaptainAltcoin.
